CCB to Set up Branch in South AfricaSources from China Construction Bank (CCB) say that the CCB has got the permission of People's Bank of China and South Africa Federal Reserve Bank to set up a branch in Johannesburg.The Johannesburg Branch of CCB will be engaged mainly in businesses, such as international settlements, loans to industrial and commercial enterprises, trading collection of funds and banking consortium loans. It will participate in the local businesses of capital market and financial market, and provide consulting services for investment and trade between China and South Africa. The situation featuring complementation between the domestic and foreign businesses has become an important part of the strategy for the development of China Construction Bank. Up to now, it has established branches in Hong Kong, Singapore and Frankfurt, set up representative offices in London, Tokyo, Seoul and New York and established correspondent banking relationships between 600 banks all over the world. The Johannesburg Branch soon to be open will the fourth one established overseas by the CCB. |
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